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Author Topic: Do Bitcoins have Tax??  (Read 39815 times)
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November 26, 2016, 03:44:36 PM
 #641

It's a currency just like dollar. Even it's a digital currency it will never be taxed but it is subjected to what they called Forex exchange. The only way a government earn some of bitcoin is when you buy something.
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November 26, 2016, 03:49:17 PM
 #642

Yes bitcoin has a tax everytime you are going to make an transcation using pear to pear or person to person as you can see every time you are going to send bitcoin the tax are input in the transaction details or every time you are going to withdraw your money or exchange it into fiat currency. Hoping that goverment will not impose taxes soon.

I think it is transaction fee, not tax. whenever you are doing a transaction.  It is different from tax because transaction fee can be adjusted according on how fast you wanted your transaction to be confirmed.  With these , bitcoin does not have tax but fee.  And the fee that is deducted from exchange is processing fee.
In my whole experience with sending and receiving Bitcoin, I never had seen tax or even transaction fees when I send or receive Bitcoin. I don't know where are you getting this kind of expenses. Because when I send Bitcoin to someone they received it exactly the amount I am sending them without any cost for its transaction. That is the good thing about Bitcoin because there is no cost for its transaction.

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November 26, 2016, 04:09:39 PM
 #643

Yes bitcoin has a tax everytime you are going to make an transcation using pear to pear or person to person as you can see every time you are going to send bitcoin the tax are input in the transaction details or every time you are going to withdraw your money or exchange it into fiat currency. Hoping that goverment will not impose taxes soon.
I don't think that the money we have to pay every time we have a transaction is tax. I mean bitcoin is not regulated by any government so how can bitcoin have tax? But I also wonder that where the money for sending bitcoin goes because apparently it doesn't go to the hand of neither the governments nor the third parties.

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November 26, 2016, 04:19:35 PM
 #644

Bitcoin has no taxes, this is it, and fascination, the currency is decentralized, so will be able to dispose of it only to you. There are no regulatory bodies, and the banks can not take it from you.
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November 27, 2016, 06:56:59 AM
 #645

You people seem to define taxes as income tax only. The question is why dont you want to pay taxes? Is it because of some ideology? If its because of ideology you fail miserably. By using bitcoin not only you help government, but you help the most corrupted government in the world, which is China, as ive explained in my posts above. You pay chineese energy taxes by paying transaction fees which goes 90% to china government pockets in the end.

If you dont want to pay taxes because you are egoist, and want more money by not paying one of the taxes which is income tax, that you should pay by some speculation or other gain. Then yes you won in that regard. Congrat you - you are an egoist.

I know, I know. Its great to have a selfadoration of selfrightous people, but truth is greater imho.
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November 27, 2016, 07:10:54 AM
 #646

I know the IRS is trying to tax bitcoin owners by claiming that bitcoin is a financial asset and can be taxed under capital gains, but I think it will be hard for them to determine what was a long-term hold and what was a short-term hold.

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November 27, 2016, 11:45:59 AM
 #647

I know the IRS is trying to tax bitcoin owners by claiming that bitcoin is a financial asset and can be taxed under capital gains, but I think it will be hard for them to determine what was a long-term hold and what was a short-term hold.
Well, for sure they'll be having a hard time as well to determine how many bitcoins we are holding and they cannot even determine who are the people holding bitcoins. I believe they will not be successful on their plan.

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November 27, 2016, 12:54:08 PM
 #648

Yes bitcoin has a tax everytime you are going to make an transcation using pear to pear or person to person as you can see every time you are going to send bitcoin the tax are input in the transaction details or every time you are going to withdraw your money or exchange it into fiat currency. Hoping that goverment will not impose taxes soon.
Well that's not truly tax. You should know that tax is something Government charge to its people in order to build public building, road, improve medical, school, education, etc. And what you have to pay when you make a transaction is called fee. Fee is different from tax.



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November 28, 2016, 04:03:05 AM
 #649

Right now there is not many places that tax bitcoin . since it is not regulated it would be very hard to do.
I guess this scares most governments.

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November 28, 2016, 04:37:57 AM
 #650

Since bitcoin is an internet currency that can be turn into a actual money. And Bitcoin too is known on Government but still government can't observe bitcoin that good. So I'm thinking if Bitcoin has tax??

Edit:
Now I know that bitcoin doesn't have tax but Transaction does..
Where do these Tax go?Government? And what kind of tax is it??
bitcoin has no real shape as local currency if have tax how to government set it, many of us who do not want to pay taxes imposed by the government

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November 28, 2016, 04:50:57 AM
 #651

Right now there is not many places that tax bitcoin . since it is not regulated it would be very hard to do.
I guess this scares most governments.

Right now yes, but sooner or later, other countries could adopt the law in order to make it happen. It's not too hard for the government to do that, they have all the resources and all the brains they need to do it. Governments are not scared of bitcoin, I am sure of that, maybe they are not taxing or don't have interest in bitcoin because it is not affecting their economy or the use of it by the citizen becomes annoying or alarming(being used in illegal).

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November 28, 2016, 04:53:15 AM
 #652

Yes bitcoin has a tax everytime you are going to make an transcation using pear to pear or person to person as you can see every time you are going to send bitcoin the tax are input in the transaction details or every time you are going to withdraw your money or exchange it into fiat currency. Hoping that goverment will not impose taxes soon.
Well that's not truly tax. You should know that tax is something Government charge to its people in order to build public building, road, improve medical, school, education, etc. And what you have to pay when you make a transaction is called fee. Fee is different from tax.

Yeah that is not even a tax, that is what we called 'fee' for every transaction we are making and the government is not benefiting with those fees. But the miners are the ones who are getting paid for their job for confirmation of our transaction. And bitcoin will be taxed if this is going to be accepted and advertised by our local government.

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November 28, 2016, 05:16:23 AM
 #653

Yes bitcoin has a tax everytime you are going to make an transcation using pear to pear or person to person as you can see every time you are going to send bitcoin the tax are input in the transaction details or every time you are going to withdraw your money or exchange it into fiat currency. Hoping that goverment will not impose taxes soon.
Well that's not truly tax. You should know that tax is something Government charge to its people in order to build public building, road, improve medical, school, education, etc. And what you have to pay when you make a transaction is called fee. Fee is different from tax.

Yeah that is not even a tax, that is what we called 'fee' for every transaction we are making and the government is not benefiting with those fees. But the miners are the ones who are getting paid for their job for confirmation of our transaction. And bitcoin will be taxed if this is going to be accepted and advertised by our local government.

Yeah they wont just advertise something that will not benefit them. I think that will be coming soon considering they are seeing a lot of money in this infustry. They might be making some steps to how they can control it.

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goldcoinminer
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November 28, 2016, 05:55:45 AM
 #654

Since bitcoin is an internet currency that can be turn into a actual money. And Bitcoin too is known on Government but still government can't observe bitcoin that good. So I'm thinking if Bitcoin has tax??

Edit:
Now I know that bitcoin doesn't have tax but Transaction does..
Where do these Tax go?Government? And what kind of tax is it??
bitcoin has no real shape as local currency if have tax how to government set it, many of us who do not want to pay taxes imposed by the government
Who does want to pay taxes, we are already required to pay taxes in our income in real world and now we still have to pay for our income in bitcoin, I guess it defeats the purpose on why bitcoin is created, how can a government tax an anonymous people?

It's hard to do and it's impossible.

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ashiqdey
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November 28, 2016, 06:31:19 AM
 #655

Nope it doesn't have any tax but it does have transaction fees which is optional you can even transact without transaction fees but that transaction might not get verified by miners. Then more transaction feed we include the more faster our transaction takes place.
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November 28, 2016, 07:33:12 PM
 #656

If bitcoins were to be taxed it would mean a government earning in revenue but for the fact that it is a decentralized currency means its not taxable inspite of people earning an income from conducting different businesses with it.
So for now BITCOINS has no tax compliance  Grin


     
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November 28, 2016, 07:43:04 PM
 #657

banks and government takes direct and indirect taxes from its citizens but bitcoin has only one type of direct taxation system which is the block miner fees which is also adjustable according to users priority on that transaction. a user can pay more tax if he wanted his transaction to get confirmed quickly or can give low tax for slower confirmations


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November 28, 2016, 07:56:11 PM
 #658

banks and government takes direct and indirect taxes from its citizens but bitcoin has only one type of direct taxation system which is the block miner fees which is also adjustable according to users priority on that transaction. a user can pay more tax if he wanted his transaction to get confirmed quickly or can give low tax for slower confirmations

Yeah, great point. As many are always asking if bitcoin has a tax. Well they do not have. Only the miner fees which fuels your transaction is the only fee we are paying and it is not that much like 0.0002 BTC for slow and about 0.001BTC If you want a faster transaction. I don't call it a tax because it is a fee that makes our transaction to have its way to the receiver. I can compare this like remittace Center that you need to pay certain amount before the product or the money you are sending to be processed.
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December 01, 2016, 02:12:42 PM
 #659

there is not ! because bitcoin not real business like company or factory.. i feel bitcoin very profitable because many profit without tax


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December 01, 2016, 02:23:08 PM
 #660

As far as I know Bitcoin itself doesn't have taxes, it's not regulated that way. But if you trade Bitcoin and exchange it to fiat, especialy if you are doing this through your bank account you should report that to your local tax authorities as a kind of the income and on that you should pay taxes.

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